FMA conduct review nears completion

In a recent update, the FMA’s chief executive, Rob Everett, said it was working with the Reserve Bank to finalise its review of bank conduct and culture.

Sparked by concerns about poor conduct revealed by Australia’s Royal Commission of Inquiry, the two regulators have conducted on-site monitoring visits with 11 banks, conducted 400 interviews, received more than 1000 documents and visited 13 New Zealand towns and cities.

“Our review was based on interviews with bank staff and directors, and documents supplied to us by the banks - it was not an audit of individual files or accounts, or a detailed inquiry like that of the Royal Commission in Australia,” Everett said.

“We have relied on the information and insights provided to us directly by banks, consumer and industry bodies, and other external stakeholders.”